New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-09-09
THE REVENUE PROBLEM.

| Conferences at Oak View may well be re-
carded with soictude and anxlously reported
by Democratic journals. If they fan, there Is
| every reason to believe that the Democratic
marty in Congress will fail to discharge us
hedges and avert monetary difficulty III
CONGRESS thus fails, there is every reason 10
believe that the party will fail in the coming
election. The Democratic party, it is nccd1dl
to remember, stands definitely pledged to two
distinct steps of financial character. 1T has
for years told voters that taxation was ex-
cessive and frightfully brdensome, and has
pledged itself to reduce the revenue. 1t has
also made war ON the protective tariff Tor
MANY years. asserting that it robbed the many
for the benefit of the few, and promising TO
give the country a tariff for revenue only.
These are entirely distinct pledges, because
the tariff might be deprived of its protective
features, and made virtually useless as de-
fence to American industry, without reduction
or even with an increase of revenue, since lower
duties, which invite larger importations, might
weld a larger revenue than is now collected.
On the other hand, the revenue might be
greatly reduced, either by raising the tariff
or by changes not hostile to its protective pur-
pose.
The Democratic party cannot afford to go
into another Presidential campaign without
IA large reduction of the revenue. VI that us
most capable leaders are aware and they sub
stantially agree in that opinion. But they
differ as to the necessity or deSrabiencss oil
keeping the other pledge, made IN many sue
cessive campaigns and in obedience to
passionately earnest demand from the great
majority of Democrats at the West and South.
If the party disrcgards all its traditions and
afTronts the convictions and wishes oil THIS
powerful ma orty of its adhcrcnts, 1t courts
defeat through Indifference of old-lashioned
Demo rats. kilograms to Democratic journals
assert that Mr. Ran Hall does not change his
position in the least. nor does he consent to
any compromise whatever. The protective
provisions of the tariff, he holds, must be
maintained or the party will be completely
overwhelmed in Eastern States, and even IN
Indiana and some Southern States. The
rapid growth of manufactures at the South
gives increased strength to his position, which
mas been so strong for years, however, that he
cou8d defantly defeat Democratic caucus
measures, and claim in SO doing to be the
saviour Of his party. 1t is now announced
that he refuses to consent to any important
reduction of the sugar duty, on the ground
that this protects Southern industry. Lou
isiana Democrats, it may be observed. arc
likely TO favor Mr.. Randall as a candidate
for the Presidency.
Nothing is yet accomplished at the Oak
View conferences, Democratic dispatches
state, although the parties have laborcd over
the problem for many hours. Secretary
Fairchld would like to present a tariff bill rs
an Administration measure, for he Is forced
TO realize the peril to the party which failure
to reduce the revenue would involve. As his
purchases Of bonds have practically ceased Tor
the time, through refusal OF holders to offer
bonds at prices he is willing to accept. he sees
that the amount he is likely to be able to pur-
chase at satisfactory figures is small. But
radical change of the tariff if proposed, would
undoubtedly be defeated in the House. Any
moderate change, in the nature of compromise.
would only increase importati0ns and revenue,
and yet would fail to secure harmony in the
party. 1t is not surprising that the attempt
to crack so hard a nut is found tiresome and
Disappointing.